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Want to know i owe little over 5000.00 if i pay with

Want to know i...

Want to know i owe little over 5000.00 if i pay with payments how much interest and penalitys?

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Answered in 17 minutes by:
3/11/2018
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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As long as you file your return, the penalty and interest are computed monthly based upon the unpaid balance of the tax due. The underpayment penalty is 1/2 of 1% a month plus interest at the current annual rate of 4%. So, based upon $5,000., the first month's penalty & interest would approximate $25. for failure to pay & $16.67 interest for a total of $41.67 for the first month. The penalty & interest would continue at that amount reduced by the same rate on any installment payments you make.

For example, if you made $500. installment payments, then the penalty would be reduced by $2.50 and the interest by $1.67 for each $500. payment. So, you would reduce the $41.67 by $4.17 for each $500. payment.

Let me know if I can further assist you.

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Thanks very much,

Steve G.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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